AMERIPRISE FINANCIAL INC
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
AMP$501.49-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000820027-26-000027
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsAmounts are less than $1 million.Current report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0000820027-26-000043
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsAmounts are less than $1 million.The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 229 previous paragraphs and 310 current paragraphs.
156 unchanged; 61 reworded; 55 added; 8 removed; 4 previous and 38 current paragraphs rearranged.
Tables are not compared: 19 previous and 29 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (55)
Current report
•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual, was a benefit of $106 million for the three months ended June 30, 2026 compared to a benefit of $219 million for the prior year period.
Current report
Premiums, policy and contract charges decreased $20 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower contract charges from lower guaranteed living benefit volumes.
Current report
Distribution expenses increased $520 million, or 33%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.
Current report
Change in fair value of market risk benefits decreased $219 million for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:
Current report
•Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger benefit for the three months ended June 30, 2026 compared to the prior year period.
Current report
General and administrative expense increased $55 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and strong investment performance, volume-related expenses and investments for growth.
Current report
Banking and deposit interest expense decreased $42 million, or 37%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.
Current report
Distribution expenses increased $283 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.
Current report
General and administrative expense increased $28 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting volume-related expenses and investments for growth.
Current report
Total segment AUM increased $53.2 billion, or 8%, during the three months ended June 30, 2026 primarily due to market appreciation, partially offset by net outflows. Net outflows were $6.5 billion for the three months ended June 30, 2026.
Current report
Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $52 million, or 23%, for the three months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation and the benefit of strong performance in our Seligman technology strategies, partially offset by the cumulative impact from net outflows.
Current report
Distribution fees increased $14 million, or 15%, for the three months ended June 30, 2026 compared to the prior year period due to equity market appreciation, partially offset by net outflows.
Current report
General and administrative expense increased $34 million, or 9%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and performance, volume-related expenses and an unfavorable foreign exchange impact.
Current report
Premiums, policy and contract charges decreased $12 million, or 4%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower contract charges from lower guaranteed living benefit volumes.
Current report
Overall
Current report
Management and financial advice fees increased $808 million, or 16%, for the six months ended June 30, 2026 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.
Current report
Distribution fees increased $112 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to higher transactional activity and market appreciation.
Current report
Banking and deposit interest expense decreased $95 million, or 39%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.
Current report
Distribution expenses increased $681 million, or 21%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.
Current report
Interest credited to fixed accounts increased $86 million, or 38%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:
Current report
•An $88 million increase in expense from other market impacts on IUL benefits, net of hedges, which was an expense of $19 million for the six months ended June 30, 2026 compared to a benefit of $69 million for the prior year period. The increase in expense was primarily due to a decrease in the IUL embedded derivatives in the prior period, which reflected more discounting due to higher forward rates and lower option costs due to a lower new money rate.
Current report
Change in fair value of market risk benefits decreased $338 million, or 69%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:
Current report
•Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger benefit for the six months ended June 30, 2026 compared to the prior year period.
Current report
General and administrative expense increased $57 million, or 3%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and strong investment performance, volume-related expenses and investments for growth.
Current report
Income Taxes
Current report
Advice & Wealth Management
Current report
Ending wrap account assets increased $61.1 billion, or 9%, to $731.5 billion during the six months ended June 30, 2026 due to market appreciation of $48.2 billion and net inflows of $12.9 billion. Average advisory wrap account assets increased $108.6 billion, or 19%, compared to the prior year period reflecting market appreciation and net inflows.
Current report
Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $286 million, or 18%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting market appreciation and increased advisor productivity through the cumulative impact of client net inflows. Pretax adjusted operating margin was 29.4% for the six months ended June 30, 2026 compared to 28.7% for the prior year period.
Current report
Management and financial advice fees increased $645 million, or 19%, for the six months ended June 30, 2026 compared to the prior year period primarily due to higher average wrap account assets and a higher average advisory fee rate. Average advisory wrap account assets increased $108.6 billion, or 19%, compared to the prior year period reflecting market appreciation and net inflows.
Current report
Banking and deposit interest expense decreased $95 million, or 39%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.
Current report
•The average certificate reserve balance for ACC was $7.6 billion for the six months ended June 30, 2026 compared to $10.6 billion for the prior year period with the average crediting rate of 3.13% for the six months ended June 30, 2026 compared to 3.85% for the prior year period.
Current report
Distribution expenses increased $499 million, or 16%, for the six months ended June 30, 2026 compared to the prior year period reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.
Current report
General and administrative expense increased $43 million, or 5%, for the six months ended June 30, 2026 compared to the prior year period primarily due to higher volume-related expenses and investments for business growth.
Current report
Asset Management
Current report
Index
Current report
Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $84 million, or 18%, for the six months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation and the benefit of strong performance in our Seligman technology strategies, partially offset by the cumulative impact from net outflows.
Current report
Management and financial advice fees increased $159 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact from net outflows.
Current report
Distribution fees increased $20 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to equity market appreciation, partially offset by the cumulative impact from net outflows.
Current report
Distribution expenses increased $46 million, or 9%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting equity market appreciation, partially offset by the cumulative impact of net outflows.
Current report
General and administrative expense increased $49 million, or 7%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and performance, volume-related expenses and an unfavorable foreign exchange impact.
Showing the first 40 of 55 passages. Open the source sections for the rest.
Removed paragraphs (8)
Previous report
Banking and deposit interest expense decreased $53 million, or 42%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.
Previous report
Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $32 million, or 13%, for the three months ended March 31, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact from net outflows.
Previous report
General and administrative expense increased $15 million, or 4%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher volume-related expenses and an unfavorable foreign exchange impact.
Previous report
Distribution expenses increased $9 million, or 7%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher equity markets.
Previous report
Net cash provided by operating activities decreased $1.2 billion to $459 million for the three months ended March 31, 2026 compared to $1.7 billion for the prior year period primarily reflecting a decrease in cash collateral received from derivative counterparties as they increased use of securities collateral.
Reworded paragraphs (61)
Previous wording
Ameriprise Financial is a diversified financial services company with a more than 130-year history of providing financial solutions. We are a long-standing leader in financial planning and advice with $1.7 trillion in assets under management, administration and advisement as of March 31, 2026. We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.
Current wording
Ameriprise Financial is a diversified financial services company with a more than 130-year history of providing financial solutions. We are a long-standing leader in financial planning and advice with $1.8 trillion in assets under management, administration and advisement as of June 30, 2026. We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.
Previous wording
The following table reconciles our GAAP measures to adjusted operating measures:
Current wording
The following tables reconcile our GAAP measures to adjusted operating measures:
Previous wording
Total AUM increased $130.4 billion, or 11%, to $1.3 trillion as of March 31, 2026 compared to $1.1 trillion as of March 31, 2025 due to a $91.5 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $40.2 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $34.6 billion, or 11%, to $348.7 billion as of March 31, 2026 compared to the prior year period primarily driven by equity market appreciation. Total Assets Under Advisement increased $8.5 billion, or 25%, to $42.2 billion as of March 31, 2026 due to net inflows and market appreciation. See our segment results of operations discussion below for additional information on changes in our AUM.
Current wording
Total AUM increased $176.0 billion, or 14%, to $1.4 trillion as of June 30, 2026 compared to $1.2 trillion as of June 30, 2025 due to a $116.4 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $60.6 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $43.6 billion, or 13%, to $374.6 billion as of June 30, 2026 compared to the prior year period primarily driven by equity market appreciation. Total Assets Under Advisement increased $8.2 billion, or 24%, to $42.0 billion as of June 30, 2026 compared to the prior year period due to net inflows and market appreciation. See our segment results of operations discussion below for additional information on changes in our AUM.
Previous wording
Pretax income increased $457 million, or 67%, for the three months ended March 31, 2026 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:
Current wording
Pretax income increased $91 million, or 7%, for the three months ended June 30, 2026 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:
Previous wording
•A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 17% in the three months ended March 31, 2026 compared to the prior year period.
Current wording
•A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 27% in the three months ended June 30, 2026 compared to the prior year period.
Previous wording
Management and financial advice fees increased $342 million, or 13%, for the three months ended March 31, 2026 compared to the prior year period reflecting market appreciation, continued wrap account net inflows and a higher average advisory fee rate, partially offset by the cumulative impact of Asset Management net outflows.
Current wording
Management and financial advice fees increased $466 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period reflecting market appreciation, continued wrap account net inflows and a higher average advisory fee rate, partially offset by the cumulative impact of Asset Management net outflows.
Previous wording
Distribution fees increased $41 million, or 8%, for the three months ended March 31, 2026 compared to the prior year period primarily due to higher transactional activity and market appreciation.
Current wording
Distribution fees increased $71 million, or 14%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher transactional activity and market appreciation.
Previous wording
Banking and deposit interest expense decreased $53 million, or 42%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank, FSB (“Ameriprise Bank”) cash deposits.
Current wording
Banking and deposit interest expense decreased $42 million, or 37%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank, FSB (“Ameriprise Bank”) cash deposits.
Previous wording
Interest credited to fixed accounts increased $12 million, or 9%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting the following items:
Current wording
Interest credited to fixed accounts increased $74 million, or 78%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:
Previous wording
•A $22 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was an expense of $15 million for the three months ended March 31, 2026 compared to a benefit of $7 million for the prior year period. The increase in expense was primarily due to an increase in the IUL embedded derivative in the current period, which reflected higher option costs due to a higher new money rate.
Current wording
•A $66 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was an expense of $4 million for the three months ended June 30, 2026 compared to a benefit of $62 million for the prior year period. The increase in expense was primarily due to a decrease in the IUL embedded derivatives in the prior period, which reflected more discounting due to higher forward rates.
Previous wording
•A $9 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The favorable impact of the nonperformance credit spread was $13 million for the three months ended March 31, 2026 compared to a favorable impact of $4 million for the prior year period.
Current wording
•A $6 million increase in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $16 million for the three months ended June 30, 2026 compared to an unfavorable impact of $10 million for the prior year period.
Previous wording
Distribution expenses increased $216 million, or 14%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.
Current wording
Benefits, claims, losses and settlement expenses increased $37 million, or 14%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:
Previous wording
•A $98 million decrease in expense from market impacts on structured variable annuities (“SVA”) embedded derivative, net of hedging activity. This decrease was primarily the result of a favorable $140 million change in the market impact on derivatives hedging the SVA embedded derivative and an unfavorable $42 million change in the market impact on SVA embedded derivative.
Current wording
•An $18 million increase in expense from market impacts on structured variable annuities (“SVA”) embedded derivatives, net of hedging activity. This increase was primarily the result of a favorable $898 million change in the market impact on derivatives hedging the SVA embedded derivatives and an unfavorable $916 million change in the market impact on SVA embedded derivatives.
Previous wording
•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the three months ended March 31, 2026 compared to the prior year period.
Current wording
•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a larger net expense for the three months ended June 30, 2026 compared to the prior year period.
Previous wording
Total client assets increased $126.0 billion, or 12%, to $1.1 trillion compared to a year ago primarily due to market appreciation and client net inflows.
Current wording
Total client assets increased $163.8 billion, or 15%, to $1.2 trillion compared to a year ago primarily due to market appreciation and client net inflows.
Previous wording
Ending wrap account assets decreased $6.2 billion to $664.2 billion during the three months ended March 31, 2026 due to market depreciation of $12.2 billion, partially offset by net inflows of $6.0 billion. Average advisory wrap account assets increased $97.6 billion, or 17%, compared to the prior year period primarily reflecting market appreciation and net inflows.
Current wording
Ending wrap account assets increased $67.3 billion to $731.5 billion during the three months ended June 30, 2026 due to market appreciation of $60.4 billion and net inflows of $6.9 billion. Average advisory wrap account assets increased $119.6 billion, or 21%, compared to the prior year period primarily reflecting market appreciation and net inflows.
Previous wording
Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 5% from the prior year to $23.8 billion as of March 31, 2026. Ameriprise Certificate Company (“ACC”) client deposits decreased $3.2 billion from the prior year to $7.5 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past nine quarters. Third party cash products increased $1.8 billion to $47.8 billion driven by an increase of money market funds of $3.3 billion, partially offset by a decline in brokered CDs.
Current wording
Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 6% from the prior year to $23.9 billion as of June 30, 2026. Ameriprise Certificate Company (“ACC”) client deposits decreased $2.5 billion from the prior year to $7.4 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past ten quarters. Third-party cash products decreased $0.5 billion to $46.7 billion driven by a decline in brokered CDs.
Previous wording
•In Ameriprise Bank, assets included $20.7 billion of Available-for-Sale securities, $2.7 billion of cash and cash equivalents, and $2.3 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, of which 7% were floating rate and sensitive to changes in short-term interest rates as of March 31, 2026. We took action to reduce the floating rate allocation from 15% as of March 31, 2025. The duration of Ameriprise Bank investments was 4.0 years as of March 31, 2026 compared to 3.6 years as of March 31, 2025. In the three months ended March 31, 2026, we purchased $1.9 billion of investments, which was primarily funded from security maturities and prepayments.
Current wording
•In Ameriprise Bank, assets included $20.6 billion of Available-for-Sale securities, $2.5 billion of cash and cash equivalents, and $2.6 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, of which 6% were floating rate and sensitive to changes in short-term interest rates as of June 30, 2026. We took action to reduce the floating rate allocation from 13% as of June 30, 2025. The duration of Ameriprise Bank investments was 4.2 years as of June 30, 2026 compared to 3.7 years as of June 30, 2025. In the three months ended June 30, 2026, we purchased $1.1 billion of investments, which was primarily funded from security maturities and prepayments.
Previous wording
•In ACC, assets include $7.4 billion of Available-for-Sale securities, $0.5 billion of cash and cash equivalents, and $0.1 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AA+ and primarily consist of structured assets and government bonds, of which 40% were floating rate and approximately 21% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of March 31, 2026. The duration of ACC investments was 1.4 years as of March 31, 2026 compared to 1.3 years as of March 31, 2025.
Current wording
•In ACC, assets include $7.1 billion of Available-for-Sale securities, $0.7 billion of cash and cash equivalents, and $0.1 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AA+ and primarily consist of structured assets and government bonds, of which 38% were floating rate and approximately 25% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of June 30, 2026. The duration of ACC investments was 1.4 years as of both June 30, 2026 and June 30, 2025.
Previous wording
Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $159 million, or 20%, for the three months ended March 31, 2026 compared to the prior year period. This reflected the benefit from market appreciation, increased advisor productivity through the cumulative impact of client net inflows and higher transactional revenue. Pretax adjusted operating margin was 30.0% for the three months ended March 31, 2026 compared to 28.5% for the prior year period.
Current wording
Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $127 million, or 16%, for the three months ended June 30, 2026 compared to the prior year period. This reflected the benefit from market appreciation, increased advisor productivity through the cumulative impact of client net inflows and higher transactional revenue. Pretax adjusted operating margin was 28.9% for the three months ended June 30, 2026 compared to 28.9% for the prior year period.
Previous wording
Management and financial advice fees increased $292 million, or 17%, for the three months ended March 31, 2026 compared to the prior year period primarily due to growth in average wrap account assets and a higher average advisory fee rate. Average advisory wrap account assets increased $97.6 billion, or 17%, compared to the prior year period primarily reflecting net inflows and market appreciation.
Current wording
Management and financial advice fees increased $353 million, or 20%, for the three months ended June 30, 2026 compared to the prior year period primarily due to growth in average wrap account assets and a higher average advisory fee rate. Average advisory wrap account assets increased $119.6 billion, or 21%, compared to the prior year period primarily reflecting net inflows and market appreciation.
Previous wording
Distribution fees increased $51 million, or 8%, for the three months ended March 31, 2026 compared to the prior year period from strong transactional activity and market appreciation, while brokerage cash revenue decreased $10 million due to lower off-balance sheet brokerage cash balances and a lower average yield.
Current wording
Distribution fees increased $81 million, or 13%, for the three months ended June 30, 2026 compared to the prior year period from strong transactional activity and market appreciation, while brokerage cash revenue decreased $5 million due to a lower off-balance sheet brokerage cash yield.
Previous wording
Net investment income, which excludes net realized investment gains or losses, decreased $45 million, or 9%, for the three months ended March 31, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolios supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.
Current wording
Net investment income, which excludes net realized investment gains or losses, decreased $41 million, or 8%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolio supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.
Previous wording
•The average certificate reserve balance for ACC was $7.8 billion for the three months ended March 31, 2026 compared to $10.9 billion for the prior year period with the average crediting rate of 3.21% for the three months ended March 31, 2026 compared to 3.95% for the prior year period.
Current wording
•The average certificate reserve balance for ACC was $7.4 billion for the three months ended June 30, 2026 compared to $10.3 billion for the prior year period with the average crediting rate of 3.05% for the three months ended June 30, 2026 compared to 3.74% for the prior year period.
Previous wording
•The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.4 billion for the three months ended March 31, 2026 compared to $22.2 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.17% for the three months ended March 31, 2026 from 0.31% for the prior year period.
Current wording
•The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.6 billion for the three months ended June 30, 2026 compared to $22.4 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.21% for the three months ended June 30, 2026 from 0.28% for the prior year period.
Previous wording
(1) Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e. Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are based on the Primary Share Class. Comparison to Index are measured gross of fees.
Current wording
(1) Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e. Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are based on the Primary Share Class. Comparisons to the Index are measured gross of fees.
Previous wording
(2) Columbia funds are available for purchase by U.S. customers. Out of 86 Columbia funds rated (based on primary share class), 3 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. Out of 129 Threadneedle funds rated (based on highest-rated share class), 12 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.
Current wording
(2) Columbia funds are available for purchase by U.S. customers. Out of 86 Columbia funds rated (based on primary share class), 4 received a 5-star Overall Rating and 38 received a 4-star Overall Rating. Out of 129 Threadneedle funds rated (based on highest-rated share class), 13 received a 5-star Overall Rating and 42 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.
Previous wording
Management and financial advice fees increased $50 million, or 7%, for the three months ended March 31, 2026 compared to the prior year period primarily due to higher average equity markets and a favorable foreign exchange impact, partially offset by the cumulative impact from net outflows.
Current wording
Management and financial advice fees increased $109 million, or 15%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher average equity markets and the growth in AUM in Seligman funds, partially offset by the cumulative impact from net outflows.
Previous wording
Distribution expenses increased $16 million, or 7%, for the three months ended March 31, 2026 compared to the prior year period primarily due to market appreciation, partially offset by the cumulative impact of net outflows.
Current wording
Distribution expenses increased $30 million, or 13%, for the three months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact of net outflows.
Previous wording
Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $25 million, or 12%, for the three months ended March 31, 2026 compared to prior year period primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.
Current wording
Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $12 million, or 6%, for the three months ended June 30, 2026 compared to prior year period primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.
Previous wording
Variable annuity account balances increased 6% to $88.1 billion as of March 31, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $4.7 billion. Variable annuity sales increased 10% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 45% as of March 31, 2026 compared to 49% a year ago reflecting our actions to optimize our business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.
Current wording
Variable annuity account balances increased 7% to $94.4 billion as of June 30, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $5.2 billion. Variable annuity sales increased 21% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 44% as of June 30, 2026 compared to 48% a year ago reflecting our actions to optimize our business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.
Previous wording
Net investment income, which excludes net realized investment gains or losses, increased $40 million, or 14%, for the three months ended March 31, 2026 compared to the prior year period primarily due to higher SVA balances.
Current wording
Net investment income, which excludes net realized investment gains or losses, increased $38 million, or 12%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher SVA balances.
Previous wording
Distribution expenses increased $161 million, or 10%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.
Current wording
Distribution expenses increased $13 million, or 10%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher annuity sales and higher equity markets.
Previous wording
Benefits, claims, losses and settlement expenses, which exclude the market impact on structured variable annuities indexed account embedded derivative (net of hedges) and mean reversion related impacts increased $24 million, or 11%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting increased volume in SVAs.
Current wording
Benefits, claims, losses and settlement expenses, which exclude the market impact on SVA indexed account embedded derivatives (net of hedges) and mean reversion related impacts increased $25 million, or 12%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting increased volume in SVAs.
Previous wording
Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss decreased $16 million, or 16%, for the three months ended March 31, 2026 compared to the prior year period, primarily reflecting improved general and administrative expenses.
Current wording
Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss decreased $18 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period, primarily reflecting improved general and administrative expenses.
Previous wording
LTC insurance had pretax adjusted operating earnings of $7 million for the three months ended March 31, 2026 compared to pretax adjusted operating earnings of $14 million for the prior year period primarily reflecting higher claims experience.
Current wording
LTC insurance had pretax adjusted operating earnings of $4 million for the three months ended June 30, 2026 compared to pretax adjusted operating earnings of $7 million for the prior year period primarily reflecting higher claims experience.
Previous wording
The FA business had a pretax adjusted operating loss of $9 million for the three months ended March 31, 2026 compared to a pretax adjusted operating loss of $8 million for the prior year period. Fixed deferred annuity account balances declined 8% to $5.1 billion as of March 31, 2026 compared to the prior year period as policies continue to lapse.
Current wording
The FA business had a pretax adjusted operating loss of $8 million for the three months ended June 30, 2026 compared to a pretax adjusted operating loss of $6 million for the prior year period. Fixed deferred annuity account balances declined 8% to $5.0 billion as of June 30, 2026 compared to the prior year period as policies continue to lapse.
Previous wording
General and administrative expense decreased $16 million, or 22%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting lower real estate expenses as well as expenses to accelerate our transition to cloud-based technology in the prior year period.
Current wording
General and administrative expense decreased $21 million, or 25%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting lower real estate expenses as well as expenses to accelerate our transition to cloud-based technology in the prior year period.
Previous wording
•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual was an expense of $184 million for the three months ended March 31, 2026 compared to an expense of $460 million for the prior year period.
Current wording
•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual, was an expense of $78 million for the six months ended June 30, 2026 compared to an expense of $241 million for the prior year period.
Previous wording
Premiums, policy and contract charges decreased $19 million, or 5%, for the three months ended March 31, 2026 compared to the prior year period primarily due to lower sales of life contingent payout annuities and lower contract charges from lower guaranteed living benefit volumes.
Current wording
Premiums, policy and contract charges decreased $39 million, or 5%, for the six months ended June 30, 2026 compared to the prior year period primarily due to lower sales of life contingent payout annuities and lower contract charges from lower guaranteed living benefit volumes.
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Current report — wording carried from elsewhere
•The impact of increased volume in SVAs.
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•A $229 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $163 million change in the market impact on variable annuity guaranteed benefits reserves and a favorable $66 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:
Current report — wording carried from elsewhere
•Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for the three months ended June 30, 2026 compared to the prior year period.
Current report — wording carried from elsewhere
•Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the three months ended June 30, 2026 compared to an expense for the prior year period.
Current report — wording carried from elsewhere
Our effective tax rate was 22.8% for the three months ended June 30, 2026 compared to 21.6% for the prior year period. The increase in the effective tax rate for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to an increase in state income taxes, net of federal income tax effect. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.
Current report — wording carried from elsewhere
Consolidated Results of Operations for the Six Months Ended June 30, 2026 and 2025
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The following table presents our consolidated results of operations:
Current report — wording carried from elsewhere
Pretax income increased $548 million, or 27%, for the six months ended June 30, 2026 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:
Current report — wording carried from elsewhere
•The favorable impact from the cumulative impact of wrap net inflows.
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•A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 22% in the six months ended June 30, 2026 compared to the prior year period.
Current report — wording carried from elsewhere
•An unfavorable impact from the cumulative impact of Asset Management net outflows.
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•A $3 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $3 million for the six months ended June 30, 2026 compared to an unfavorable impact of $6 million for the prior year period.
Current report — wording carried from elsewhere
•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the six months ended June 30, 2026 compared to the prior year period.
Current report — wording carried from elsewhere
Results of Operations by Segment for the Six Months Ended June 30, 2026 and 2025
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The following table presents summary financial information by segment:
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The following table presents the changes in wrap account assets and average balances for the six months ended June 30:
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(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
Current report — wording carried from elsewhere
(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the six months ended June 30, 2026 and 2025, which is reflective of our billing cycle.
Current report — wording carried from elsewhere
The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis:
Current report — wording carried from elsewhere
Distribution fees increased $132 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to strong transactional activity and market appreciation, while brokerage cash revenue decreased $14 million due to lower off-balance sheet brokerage cash balances and a lower average yield.
Current report — wording carried from elsewhere
Net investment income, which excludes net realized investment gains or losses, decreased $86 million, or 9%, for the six months ended June 30, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolio supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.
Current report — wording carried from elsewhere
•The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.5 billion for the six months ended June 30, 2026 compared to $22.3 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.19% for the six months ended June 30, 2026 from 0.30% for the prior year period.
Current report — wording carried from elsewhere
(1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period.
Current report — wording carried from elsewhere
The following table presents the changes in global managed assets:
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(1) Amounts represent local currency to U.S. dollar translation for reporting purposes.
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(2) Global Institutional inflows and outflows include net flows from our structured variable annuity product and Ameriprise Bank.
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(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance, excluding net flows related to our structured variable annuity product and Ameriprise Bank.
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(4) Assets under advisement are presented on a one-quarter lag.
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(5) Assets under advisement flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.
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(6) Legacy insurance partners assets and net flows are included in the rollforwards above.
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The following table presents the results of operations of our Asset Management segment on an adjusted operating basis:
Current report — wording carried from elsewhere
The following table presents the results of operations of our Retirement & Protection Solutions segment on an adjusted operating basis:
Current report — wording carried from elsewhere
Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $37 million, or 9%, for the six months ended June 30, 2026 compared to the prior year period, primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.
Current report — wording carried from elsewhere
The following table presents the results of operations of our Corporate & Other segment on an adjusted operating basis:
Current report — wording carried from elsewhere
Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed index annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss decreased $34 million, or 17%, for the six months ended June 30, 2026 compared to the prior year period.
Current report — wording carried from elsewhere
LTC insurance had pretax adjusted operating earnings of $11 million for the six months ended June 30, 2026 compared to pretax adjusted operating earnings of $21 million for the prior year period primarily reflecting higher claims experience.
Current report — wording carried from elsewhere
The FA business had a pretax adjusted operating loss of $17 million for the six months ended June 30, 2026 compared to a pretax adjusted operating loss of $14 million for the prior year period.
Current report — wording carried from elsewhere
General and administrative expense, which excludes integration and restructuring charges, decreased $37 million, or 24%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting lower real estate expenses as well as expenses to accelerate our transition to cloud-based technology in the prior year period.
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Previous report — wording carried elsewhere
Benefits, claims, losses and settlement expenses decreased $64 million, or 17%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting the following items:
Previous report — wording carried elsewhere
Change in fair value of market risk benefits decreased $119 million, or 24%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting the following items:
Previous report — wording carried elsewhere
•Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the three months ended March 31, 2026 compared to the prior year period.
Previous report — wording carried elsewhere
Premiums, policy and contract charges decreased $15 million, or 4%, for the three months ended March 31, 2026 compared to the prior year period primarily due to lower sales of life contingent payout annuities and lower contract charges from lower guaranteed living benefit volumes.